Russian Energy Ministry confirms FGC's 2013-17 investment program at 775.5 bln rubles
MOSCOW. Nov 19 (Interfax) - The Russian Energy Ministry has confirmed OJSC Federal Grid Company UES' investment program for 2013-2017 at 775.53 billion rubles, according to a ministry order.
FGC will invest 155.176 billion rubles next year, 154.596 billion rubles in 2014, 155.135 billion rubles in 2015, 155.499 billion rubles in 2016 and 155.124 billion rubles in 2017.
In the middle of May, the Energy Ministry confirmed FGC's investment program for 2012-2014 at 504.8 billion rubles. This year, FGC intends to spend 195.6 billion rubles to finance projects aimed at constructing, reconstructing and technically upgrading facilities in the unified national power grid.
FGC CEO Oleg Budargin previously told journalists on the sidelines of the APEC summit that FGC and IDGC Holding need 400 billion rubles by 2017 to update their fixed assets. "Five years is enough for us to restore assets and ensure higher than anticipated growth in infrastructure for the national economy. With the support we've discussed, at 200 billion rubles a year for FGC and 200 billion rubles a year for IDGC, we might be able to restore and create outstripping growth in the national infrastructure," he said.
FGC owns and operates power grid facilities in Russia's unified national power grid. The state is the company's controlling shareholder. FGC recently took over the management of OJSC IDGC Holding, which encompasses 11 inter-district and five district power distribution companies.